Syracuse (WSYR-TV) – Syracuse Mayor Stephanie Miner announced on Wednesday that Destiny USA officials have told the city that the project has entered its “final phase.”
Miner said Destiny developer The Pyramid Companies is exercising a right within its agreement with the Syracuse Industrial Development Agency. It gives Pyramid the right to avoid building the final phase of the planned shopping and luxury resort in exchange for losing the right to receive future loans or aid from SIDA.
The first phase of the expansion is nearly complete. It holds space for dozens of new retail stores.
The second phase was to have included a hotel or a second expansion.
Previously, mall developers have had to pay penalties for the late development. To date, Pyramid has paid $2.5 million to the city in penalties.
Copyright 2012 Newport Television LLC All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
